At Upper Peninsula State Bank we offer various types of loan products to meet your needs. Please expand the sections below to see which loan product works best for you. For more information on any of our loan products, please call or visit one of our Loan Officers.
If you are looking to buy a new home or refinance your current home, we can help! We offer various types of mortgage loans to meet your needs.
Conventional/Fixed Rate Mortgages
Long term mortgage products are available at competitive fixed interest rates to qualified borrowers. Low downpayment options available with approved Private Mortgage Insurance.
The Michigan State Housing Development Authority (MSHDA) mortgage product offers a below-market, fixed interest rate to low and moderate income households for the purchase of a single-family residence.
Rural Development Guaranteed Mortgages
No downpayment is required for qualified moderate income borrowers based on household size. This guarantee must be used with the MSHDA or Freddie Mac Fixed Rate Mortgage Programs.
Balloon mortgages offer a fixed interest rate during the balloon term, with a longer amortization period for affordable payments. Upon maturity of the balloon term, the mortgage then needs to be renegotiated for the next balloon term.
New Construction Loans
Have you always dreamed of building a home? Borrowers can construct a home, making interest only payments on the construction credit line. Once the home is completed, the credit line will be converted to the loan option that is best for you.
Home Equity Line of Credit
A home equity line of credit (HELOC), secured by a borrower’s real estate, offers the flexibility and convenience for financing all types of items. A predetermined credit limit can be used any time for any purpose just by writing a check. The amount available is based on the equity in the property, which is the difference between the value less any liens or mortgages against it.
Contact one of our Mortgage Loan Officers for current interest rates and more information.
Consumer Loans are granted to qualified borrowers for various purposes, such as:
- Recreational Vehicles
- Miscellaneous Retail Purchases
- Personal Use
The terms of these loans are based on the age and type of collateral offered, with competitive interest rates. Call one of our Loan Officers for details.
Upon pre-approval, a line of credit can be attached to your checking account. Reduce the worry if you inadvertently overdraw your account or write yourself a loan just by writing a check. The amount of the line of credit will be determined by your credit capacity and may or may not be secured by collateral.
Loans Secured by Certificates of Deposit
We can offer flexible loan terms to borrowers who use their Upper Peninsula State Bank Certificate of Deposit as collateral. The interest rate will be only 2% over the rate on the Certificate of Deposit with a common maturity date.
For over 100 years, Upper Peninsula State Bank has been providing financing for economic development of Upper Peninsula businesses. Our business relationships have ranged from start-up activities to generations of progress.
Amortizing loans are available for a variety of purposes, including acquisitions, permanent working capital, and equipment financing. Annually renewable lines of credit are available with the option to convert the outstanding balance at the end of each year to a term loan with an amortization ranging from five (5) to seven (7) years.
Commercial Real Estate
Commercial mortgages are available for new construction, acquisition and refinancing purposes. Construction loans run from twelve (12) to eighteen (18) months with the option to convert to a term loan upon completion of the project. Term loans generally amortize from fifteen (15) to twenty (20) years.
Commercial Line of Credit
Working capital lines of credit are provided on a revolving basis and are annually renewable.
These programs often benefit businesses in the form of lower down payments, smaller monthly payments, and long term fixed interest rates. These programs, available through the U.S. Small Business Administration and local community development corporations, allow us to creatively tailor a financing package to fit the needs of the borrower.
Contact one of our Commercial Lenders to see how they can help you!